Cogent Communications is a Tier-1 IP backbone operator whose business model has been artificially boosted for the past three years by the IP Transit Services Agreement with T-Mobile USA that came with Cogent's 2023 acquisition of Sprint's wireline network, and the question for the next twelve months is whether the underlying service revenue trajectory can stabilize as that T-Mobile agreement winds down. The Q2 2026 print was the cleanest test yet of that core question, and the cleanest signal is that the T-Mobile cash receipts step up to $33.3 million per quarter from $25.0 million (a true-up in the period) and that the T-Mobile agreement has approximately 32 months remaining of the 42-month back-end, with the underlying service revenue actually declining 4.3 percent year over year to $235.6 million. The combination of the $130.7 million gain on the sale of 10 owned data centers, the $224.2 million net data center sale proceeds, the $118.4 million of additional 2032 secured note repurchases in July 2026, the net leverage ratio of 6.23x (down from 6.79x), the off-net customer connections decline of 12.2 percent year over year, the on-net customer connections growth of 0.7 percent, the wavelength customer connections growth of 66.4 percent, the IP traffic growth of 16 percent year over year, and the $1.39 Q2 2026 GAAP EPS (versus a $(1.21) prior-year-quarter loss) is the cleanest single read on what the post-T-Mobile-agreement profile is producing. The strategic tension is the data center deleveraging against the underlying off-net secular decline and the T-Mobile agreement runway, and the forward question is whether the IP traffic growth and the wavelength customer connections growth can offset the off-net decline and the eventual T-Mobile agreement wind-down.